Is Buying Stock Like Celanese Corporation (CE) After This Multiple Top Pattern a Winning Strategy?

September 16, 2018 - By Margaret Guttierez

Celanese Corporation (NYSE:CE) Logo

Investors sentiment increased to 1.01 in 2018 Q2. Its up 0.16, from 0.85 in 2018Q1. It increased, as 32 investors sold Celanese Corporation shares while 155 reduced holdings. 69 funds opened positions while 119 raised stakes. 120.41 million shares or 1.83% less from 122.66 million shares in 2018Q1 were reported.
The Texas-based Smith Asset Management Grp L P has invested 0.87% in Celanese Corporation (NYSE:CE). Signaturefd Ltd Liability Corp accumulated 67 shares or 0% of the stock. Fifth Third National Bank owns 6,513 shares or 0% of their US portfolio. Baystate Wealth Mngmt Limited Liability Company has 110 shares for 0% of their portfolio. Ohio-based Private Tru Co Na has invested 0.09% in Celanese Corporation (NYSE:CE). Raymond James Svcs Advisors holds 0.01% or 14,223 shares. Moreover, Moneta Gru Investment Advsrs Ltd Liability has 0% invested in Celanese Corporation (NYSE:CE) for 21,418 shares. Luminus Lc has invested 0.23% of its portfolio in Celanese Corporation (NYSE:CE). Banque Pictet & Cie Sa accumulated 3,090 shares. Apg Asset Nv invested in 0.04% or 238,480 shares. California State Teachers Retirement has 0.05% invested in Celanese Corporation (NYSE:CE). State Common Retirement Fund reported 268,664 shares. 89,100 were reported by Point72 Asset Mgmt Lp. Anchor Bolt Capital Ltd Partnership holds 59,687 shares or 0.29% of its portfolio. Profund Ltd Co, Maryland-based fund reported 4,912 shares.

The stock of Celanese Corporation (CE) shows a multiple tops pattern with $121.09 target or 7.00 % above today’s $113.17 share price. The 9 months chart pattern indicates low risk for the $15.27 billion company. It was reported on Sep, 16 by If the $121.09 price target is reached, the company will be worth $1.07 billion more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 0.01% or $0.01 during the last trading session, reaching $113.17. About 645,885 shares traded. Celanese Corporation (NYSE:CE) has risen 13.53% since September 16, 2017 and is uptrending. It has underperformed by 2.09% the S&P500.

Analysts await Celanese Corporation (NYSE:CE) to report earnings on October, 15. They expect $2.75 earnings per share, up 42.49 % or $0.82 from last year’s $1.93 per share. CE’s profit will be $371.15M for 10.29 P/E if the $2.75 EPS becomes a reality. After $2.90 actual earnings per share reported by Celanese Corporation for the previous quarter, Wall Street now forecasts -5.17 % negative EPS growth.

Celanese Corporation (NYSE:CE) Ratings Coverage

Among 10 analysts covering Celanese Corp (NYSE:CE), 7 have Buy rating, 0 Sell and 3 Hold. Therefore 70% are positive. Celanese Corp had 17 analyst reports since March 20, 2018 according to SRatingsIntel. On Monday, July 23 the stock rating was maintained by JP Morgan with “Neutral”. The rating was maintained by Citigroup on Wednesday, July 11 with “Buy”. The stock of Celanese Corporation (NYSE:CE) has “Buy” rating given on Tuesday, April 17 by RBC Capital Markets. BMO Capital Markets maintained the shares of CE in report on Friday, June 15 with “Outperform” rating. The stock has “Buy” rating by UBS on Thursday, May 17. As per Wednesday, April 18, the company rating was maintained by Morgan Stanley. On Tuesday, July 24 the stock rating was maintained by Citigroup with “Buy”. The rating was maintained by Robert W. Baird on Wednesday, April 18 with “Buy”. The stock of Celanese Corporation (NYSE:CE) earned “Neutral” rating by Nomura on Wednesday, July 11. As per Tuesday, March 27, the company rating was initiated by BMO Capital Markets.

Celanese Corporation, a technology and specialty materials company, makes and sells value-added chemicals, thermoplastic polymers, and other chemical products worldwide. The company has market cap of $15.27 billion. The companyÂ’s Advanced Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics. It has a 13.6 P/E ratio. The Company’s Consumer Specialties segment provides cellulose acetate flakes, films, and tows for use in filter products applications; food protection ingredients, such as potassium sorbate and sorbic acid for food and beverage industry; Sunett, a sweetener for use in various beverages, confections, and dairy products; and Qorus, a sweetener system designed for low-to no-calorie carbonated and non-carbonated beverages, flavored waters, energy drinks, and milk and dairy products.

Celanese Corporation (NYSE:CE) Institutional Positions Chart

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